Imagine having years of financial documents, including bank statements as well as tax records statements for credit cards, pay reports, and brokerage statements.
Now you have the technical details.
It’s possible you’re unable to find many answers.
It is not always difficult to resolve matrimonial disputes because financial records are missing. Sometimes the issue is deciphering which documents can answer the questions that actually matter and being aware of the crucial elements that remain unaccounted for.
Begin with the question and not the Spreadsheet
A forensic accountant for white collar defense may approach financial discovery differently from someone simply organizing documents.
Imagine that the dispute involves the income that is available to provide support. It’s helpful to look over the tax return, however business owners or professionals who are compensated well may be able to receive their earnings in various ways. Salaries, bonuses, distributions and other types of compensation could require additional examination based on the situation.
If you have assets that are hidden, it is important to keep track of the assets. Transfer patterns, bank activity, spending patterns and movement between accounts are all variables that can help you develop an overall financial picture.
It’s not about collecting every piece of paper you could imagine. It’s crucial to gather the required information needed for answering financial questions.
The Discovery Process is altered by the ownership of a business
A privately held company can add another substantial layer to matrimonial relationships.
In order to get a New Jersey divorce business valuation, the company must have the relevant financial data. An expert in valuation may need historical financial statements as well as the tax records, ownership information and other documents depending on the engagement.
Uncompleted information can create problems.
If you focus solely on the earnings of your company and do not take into account expenses, this is only one part of the financial picture. Similarly, examining a single year’s performance may not tell whether the performance is typical or unusual.
SJS Forensics helps counsel by identifying pertinent documents, preparing targeted discovery requests, as as reviewing the materials produced to ensure the accuracy of the documents.
Financial differences don’t necessarily mean there is something in the shadows.
Unknown transactions could easily trigger suspicions during divorce proceedings as they can be emotionally charged.
It’s not always easy to determine which transfer was done. The large amount of money withdrawn could be an usual reason. Conversely, a seemingly routine sequence of transactions could merit more careful examination when viewed in conjunction.
It is vital to start with an analysis that is objective since forensic accounting should not begin by assuming that there was a violation.
The analysis should start with the documents.
Mediation is more effective with Better Information
Financial experts often appear in courtrooms, however the type of analysis that is beneficial could begin much earlier. Making clear the issues at issue before mediation is helpful when parties disagree over business value or income and separate property or other financial activities.
SJS Forensics is a forensic accounting firm that brings together knowledge of forensic accounting along with a settlement-minded attitude. They can also participate in mediation for complex financial issues.
An expert witness accountant who is involved in matrimonial cases should be able, when necessary, to explain the analysis to lawyers, mediators and judges as well as other non-accountants.
The objective is to minimize the amount of uncertainty
A divorce that is complex can include thousands of financial transactions over the course of many years. The process of achieving financial clarity cannot be accomplished by simply putting records in folders. The documents need to be reviewed for what they indicate, what is still unanswered, or what additional details are required.
This is the benefit of the forensic approach. It’s not our intention to make divorce more complicated by producing a huge pile of paperwork. It’s about tackling a complex financial position and slowly decrease the number of unanswered questions.